U.S. Destroying Iranian Oil Tankers Sends Oil Prices Soaring

Oil prices continued to rise on Thursday as tensions in the Middle East escalated following the destruction of five Iranian crude oil tankers by the U.S. military.

The incident, which occurred on Tuesday, has raised concerns about supply disruptions and potential attacks on shipping, leading to a 0.62% gain in futures for international benchmark Brent crude to $101.84 a barrel.

West Texas Intermediate futures also advanced 1.01% to $96.06 per barrel, with some analysts warning that oil prices could surge above $120 a barrel if the conflict continues.

Daan Struyven, co-head of global commodities research at Goldman Sachs, stated that the escalation in the U.S.-Iran conflict is raising the risk of oil prices surging above $120 a barrel as attacks on shipping intensify.